This story from KFVS TV in Cape Girardeau-
City Girardeau leaders to use $2 million from casino to pay off airport bonds
Posted:
Mar 07, 2011 11:19 PM CST Updated:
Mar 08, 2011 2:35 AM CST
By Heartland News
CAPE GIRARDEAU, MO (KFVS) - Cape Girardeau city leaders have other plans for $2 million given to them by Isle of Capri, which was supposed to go toward improvements on Broadway and several other downtown projects.
Leaders voted at Monday night's scheduled city council meeting to use the money to pay off the bonds that paid for a hangar at the Cape Girardeau Regional Airport. Commander Premiere Aircraft occupies the hangar, but the city gave the company 60 days notice last month to leave or pay more than $1 million in back rent.
Paying off the bonds will save the city about $50,000 in interest, said mayor Harry Rediger.
"If it's a cost-saving factor for the city it's a cost-saving factor for the citizens, our citizens, and the taxes that they pay," Rediger said.
Rediger said Isle of Capri was on board with the move because the city will still pay for the downtown improvements, but admitted they may now take a little longer to complete.
